For Oral Answer on : 28/04/2022
Question Number(s): 11 Question Reference(s): 21411/22
Asked by: David Stanton T.D.
* To ask the Minister for Finance the way he plans to support credit unions in the expansion of services to encourage community development; and if he will make a statement on the matter.
– David Stanton T.D.
For ORAL answer on Thursday, 28 April, 2022.
This Government recognises the importance of credit unions. The Programme for Government contains commitments to:
– Review the policy framework within which credit unions operate;
– Enable and support the credit union movement to grow;
– Support credit unions in the expansion of services, to encourage community development; and
– Enable the credit union movement to grow as a key provider of community banking in the country.
With regard to fulfilling the commitments in the Programme for Government for credit unions, the Review of the Policy Framework has been completed.
I recently met with all the credit union representative bodies on the proposals, who broadly supported the proposals. Legislation to implement the proposals will go to Cabinet shortly.
The policy proposals contained in the Review address five key objectives:
1. Improving member services
2. Supporting investment in collaboration
3. Supporting Governance
4. Recognition of the role of credit unions
5. Transparency of regulatory engagement
Cumulatively, the desired outcome of these objectives is to strengthen the role of credit unions as a provider of community banking and to further enable credit unions to focus on priorities that will better position the sector to face the challenges and opportunities of the future.
In developing these proposals I met the Irish League of Credit Unions, the Credit Union Development Association, the Credit Union Managers Association, the National Supervisors Forum, the Registrar of Credit Unions, the Credit Union Advisory Committee, the CEO Forum, collaborative ventures and many individual credit unions.
In total, I have held over 40 stakeholder meetings with the credit union sector and considered well over 100 proposals.